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Wealth building is only one part of financial management. The best financial plans also prioritize asset protection to help you keep your wealth and protect it from creditors and other financial risks. Our team at Northern New England Associates specializes in the income protection needs of highly trained professionals and high net worth individuals. To learn more about protecting your assets, make an appointment with us today.
It’s important to protect your assets from creditors using the protection strategies available to you. Asset protection may include using legal entities to shield your assets. It also includes using insurance products to mitigate your risk. For example, liability and umbrella insurance policies can protect your assets in case of a lawsuit.
Retirement accounts can help you save on taxes, but they also provide creditor protection. Under the Employee Retirement Income Security Act of 1974 (ERISA), the assets in your retirement accounts are automatically protected from creditors. This is an important consideration when you decide which investment options are right for your situation.
Potential lawsuits aren’t the only risk you face when you accumulate wealth. A long illness or a disability can drain your savings and accumulated wealth in a short amount of time. And if something happens to you, your loved ones have to survive without your income. You can provide for these eventualities with insurance.
You may already have life insurance to protect your family in case of your untimely death, but consider purchasing disability insurance and long-term care insurance for additional protection. Even a short-term disability can drain your savings and require you to tap into your retirement accounts. Your insurance is essential to protecting your investment accounts, so you can use the wealth for your retirement or to build a legacy.
As a retiree, you need an income distribution plan to avoid running out of money during your retirement years. Annuities can provide you with a secure and recurring income during your retirement and protect the rest of your wealth. Our financial advisors can help you create a retirement distribution plan and manage your remaining assets to help you pursue your financial goals.
Another important part of asset protection is to create and follow a diversification strategy within your portfolio to reduce your investment risk. This includes using unique assets, investing in different industries, and selecting investments with various levels of risk. Our investment advisors can help you create a diversification strategy to protect your wealth. This includes diversifying the assets inside your portfolio and investing in non-traditional assets.
A trust can solve multiple problems, such as distributing your assets to the next generation and managing your wealth for you. However, it’s important to know that a trust doesn’t protect your assets from everyone. Medicaid and nursing homes can tap those funds to cover healthcare and long-term care expenses.
It’s important to work with an experienced financial advisor to create and implement strategies for protecting your wealth. It may involve setting up legal entities and purchasing insurance policies. When you work with our team of financial advisors, we will help you protect your hard-earned wealth, so that you can continue to work towards your financial goals.
If you own significant wealth or assets, consider protecting them. Homeowners must also concern themselves with asset protection. Even if you don’t have significant assets, you must protect your income-earning abilities with insurance. Talk to our financial advisors today to find out how we can protect your assets.
Asset protection is an important part of wealth management you can’t afford to ignore. From using the right insurance products to setting up your investment accounts to protect from risk, we are here to create and implement an asset protection plan. Our team of financial advisors is here to help you understand how to protect your assets to protect your financial future. Call us today to make an appointment and learn how to best protect your financial assets.
Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation
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